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G.R. No.

93397 (1997)

TRADERS ROYAL BANK VS. COURT OF APPEALS,


FILRITERS GUARANTY ASSURANCE CORPORATION AND
CENTRAL BANK OF THE PHILIPPINES
AGGABAO, Rica B.
2A
FACTS

Filriters executes Philfinance Philfinance fails TRB requests


a Detached enters into a to pay TRB and Central Bank to
Assignment to Repurchase executes a effect the
Philfinance Agreement with Detached transfer
TRB Assignment to
assigned all rights CB refuses to do so
sold, transferred, the latter
and title to 7 Central upon the adverse
and delivered CBCI assigned all rights
Bank Certificates of claims of Filriters
D891 with maturity and title in CBCI
Indebtedness (CBCI)
date of April 27, D891 to TRB
1981
FACTS

TRB files in RTC TRB appeals in


a special civil the CA
action of CA affirms RTC
Mandamus decision and adds
against Central that CBCI is not a
Bank
negotiable
declares ALL CBCIs
instrument
null and void, thus
ineffectual
ISSUES
W/N CBCI D891 IS A W/N THE ASSIGNMENT OF
NEGOTIABLE INSTRUMENT RIGHTS AND TITLE IS VALID
thus making TRB's thus entitling TRB to a
possession of CBCI D891 registration of a new
free from defect of prior certificate under their name
parties
HELD
CBCI D891 IS NOT A NEGOTIABLE INSTRUMENT

THE ASSIGNMENT OF RIGHTS AND TITLE IS


INVALID
TRB: CBCI is a negotiable instrument,
RATIO holder in due course so possession of the
CBCI D891 IS NOT A same is free from defect of title from
NEGOTIABLE prior parties
INSTRUMENT
NEGOTIABILITY DEFINITION SC:
CBCI D891 indicates that the same is
payable to FILRITERS GUARANTY
ASSURANCE CORPORATION, and to no
one else
Freedom of negotiability is totally
absent
RATIO
TRB: Assignment must be held valid as
THE ASSIGNMENT OF
petitioner was defrauded through
RIGHTS AND TITLE IS
corporate fiction
INVALID
PIERCING THE CORPORATE VEIL

SC:
Despite Filriters owning 90% of the
shares in Philfinance, they are still
considered two separate judicial
personalities
RATIO
THE ASSIGNMENT OF The detached assignment of CBCI 891
RIGHTS AND TITLE IS was signed by Alfredo Banaria, without
INVALID
authorization from the Board of Filriters
CENTRAL BANK CIRCULAR NO. 769

SC:
CBCIs from the Filriter-Philfinance
assignment is void and such was
passed on to the Philfinance-TRB
assignment.
G.R. No.93397 (1997)

TRADERS ROYAL BANK VS. COURT OF APPEALS,


FILRITERS GUARANTY ASSURANCE CORPORATION AND
CENTRAL BANK OF THE PHILIPPINES
AGGABAO, Rica B.
2A